The Industry Confidence Index (ICI) - calculated by FGV's Brazilian Institute of Economics (IBRE) - indicates that the confidence of the Brazilian industry between June and July this year is at its lowest level since July 2009. The index moved back 4.0 %, from 103.8 to 99.6 points.  ICI's second consecutive decrease was motivated by a deterioration in the perceptions about businesses' current conditions and the expectations for the following months. The Current Situation Index (ISA) decreased 4.0%, when it moved to 100.6 points, and the Expectations Index (EI) moved back 4.1%, to 98.6 points.  The combination of results reveals a deceleration of industrial activity for the month, in addition to moderate pessimism of companies compared to the following months.  Please click here to read the full analysis (PDF in English).